It seems we were correctly positioned today, in spite of losing a little. Down 34bps in a down 170bps day for the NASDAQ means we missed the tumult and exchanged it for an ordinary day at the office. Before heading for the road, I derisked — selling SPOT, DELL and META. The longer this squall...Read More

What a unique St Paddy’s Day parade, basically bereft of anything Irish — a wanton celebration for the sake of celebration. We had a good time, drank some Guinness and some shots of whiskey, some sub par dinner and now calling it a night. If 15 years younger, Savannah on St Paddy’s day would most...Read More

This logic also applies on the downside. It was pleasant to see the markets green on Friday; but it doesn’t fix all of the broken charts and dreams, harkening back to the halcyon days of January when the good times rolled and markets fixed higher.We are in a different environ now, one ruled and dominated...Read More

Markets got routed again, in spite of weaker than expected PPI numbers. It no longer matters. If you look at hard core cyclical names like HLT and MAR — they are quietly being sold off as if to price in recession. The much louder version of that is ABNB. I have us balanced between risk...Read More

We entered the session super defensive because I did not deem the CPI number as a reason to long stocks. We are far past the concerns of inflation racking the economy, more focused on if we are barreling, head long, into recession. If recession is on the menu, almost all stocks get hit, save staples,...Read More